Phoenix Mills share price up after CLSA maintains 'buy', raises target price

Phoenix Mills share price rose over a percent in the morning trade on BSE on August 28 after brokerage firm CLSA maintained 'buy' on the stock and raised the target price by 6.5 percent to Rs 790 from Rs 742.

The stock closed 0.97 percent up at Rs 651 on BSE.

CLSA said the equity raise of Rs 1,100 crore in this environment is testimony to a strong asset portfolio, a CNBC-TV18 report has said.

The brokerage is positive on the value potential of this capital raise and says it help in building a robust project pipeline. Funds will be utilised to acquire new projects.

HDFC Securities is of the view that Phoenix Mills is well-poised to rise.

"Phoenix Mills is a derivate on richly valued underlying consumption real estate play with a vast scope for expansion. In the long run, it holds the potential for significant cash-flow distribution and growth. Near-term headwinds remain, but current prices provide ‘quality at a reasonable price," HDFC Securities said.

The brokerage has a 'buy' call on Phoenix Mills with a target price of Rs 828.

Shares of the company were trading 1.12 percent higher at Rs 652 at 0955 hours.